JAKARTA (TheInsiderStories) – Good morning. Followings are some relevant news that might help your business decisions today:
Sentul City, Sumitomo Corp Set Up Property JV firm
Property company PT Sentul City Tbk (IDX:BKSL) has signed an agreement with Sumitomo Corporation of Japan to set up a joint venture company called, PT Sentul Summit Development. The JV firm targets to book revenues of Rp2 trillion from the sale of three apartments being developed in Sentul City, in the outskirt of Jakarta on 500,000 square meters. The apartment is integrated with an office building, five-stars hotel and AEON Mall. Sentul City has been developing residences, condominiums, and hotels, in Sentul City for over 20 years.
SMI Targets Financing Rising to Rp47.1 Trillion in 2018
PT Sarana Multi Infrastructure (SMI) expects its outstanding infrastructure financing to rise to Rp47.1 trillion in 2018, up from Rp36.6 trillion projected for this year, the company’s President Director Emma Sri Martini said. As of end October, its outstanding infrastructure financing has risen to Rp32.5 trillion and total commitment of Rp50.8 trillion.
State Companies MTN Issuance in 2017 Higher at Rp5.35 trillion
The issuance of medium-term notes (MTN) by state-owned companies in 2017 has reached Rp5.35 trillion as of early December, higher than realized MTN issuance in the full year 2016. The MTNs were issued by a number of state-owned companies, including PT Pindad, PT Kimia Farma, PT Nindya Karya, Perum Perikanan Indonesia (Perindo) and PT Industri Kereta Api, PT LEN Industri and PT Permodalan Nasional Madani.
Chandra Asri Net Profit Up 15.8% in 9-Months
Indonesia’s largest petrochemical company PT Chandra Asri Petrochemical Tbk has booked a net profit of US$250.6 million in the nine months to September, or up 15.8 per cent from the same period last year. The increase was in line with the rise of revenues to US$1.79 billion, up 28.6 per cent from a year ago of US$1.04 billion. The net profit rise also reflects an improvement of net profit margin on the back of higher product prices including naphtha, which rose to US$479 per ton from US$397 per ton.
Inalum to Stop Importing Aluminum
State-owned aluminum producer PT Indonesia Asahan Aluminium (Inalum) said it will stop importing aluminum once its smelter grade alumina (SGA) project being developed by PT Antam Tbk (IDX:ANTM) and Aluminium Corporation of China Limited (Chinalco) is completed. The SGA smelter is being built in Mempawah Regency, West alimantan with capaicty of 1 million tons of SGA per annum and has the potentiality to increase to 2 million tons per year.
Inalum will also increase its output to 500,000 tons a year by 2020 from its current production level of 260,000 tons. Therefore, it will add the capacity of its power plants. (*)